Hilton Howell: Q4 Revenue $792M Exceeds Expectations
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 4 days ago
0mins
Should l Buy GTN?
Reports Q4 revenue $792M, consensus $780M. CEO Hilton Howell, Jr., commented, "We delivered strong Q4 financial results, with revenue and Adjusted EBITDA exceeding consensus expectations. The quarter benefited from better-than-expected MVPD subscriber trends, which drove year-over-year growth in "Net Retransmission Revenue" (retransmission consent revenue less network affiliation fees). We also achieved a 3% reduction in broadcasting expenses for full year 2025. Additionally, our 2025 debt refinancings extended the majority of our debt maturities beyond the 2026 and 2028 political cycles, meaningfully enhancing our financial flexibility. Looking ahead to 2026, we remain encouraged by the likelihood of local ownership reform that would help level the playing field for our industry, positioning us to close the transactions announced over the past two quarters and pursue additional strategic and disciplined opportunities...At the same time, we will continue to evaluate deleveraging and refinancing opportunities throughout 2026 to reduce our overall leverage and interest expense."
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Analyst Views on GTN
Wall Street analysts forecast GTN stock price to rise
4 Analyst Rating
3 Buy
1 Hold
0 Sell
Strong Buy
Current: 5.190
Low
5.50
Averages
7.25
High
10.00
Current: 5.190
Low
5.50
Averages
7.25
High
10.00
About GTN
Gray Media, Inc., formerly Gray Television, Inc., is a multimedia company. The Company owns local television (TV) stations and digital assets serving approximately 113 television markets in the United States. The Company's portfolio includes approximately 77 markets with television stations and 100 markets, as well as the Telemundo Affiliate group with 43 markets totaling nearly 1.5 million Hispanic TV households. The Company also owns Gray Digital Media, a full-service digital agency offering national and local clients digital marketing strategies with the advanced digital products and services. Its media properties include video production companies Raycom Sports, Tupelo Media Group, and PowerNation Studios, and studio production facilities Assembly Atlanta and Third Rail Studios. The Company also owns a majority interest in Swirl Films.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Gray Media, Inc. Q4 2025 Earnings Call Highlights
- Revenue and Expense Beat: Gray Media reported total revenue of $792 million and operating expenses of $618 million for Q4 2025, both exceeding prior guidance, demonstrating effective financial management and potential for future growth.
- Significant Decline in Broadcasting Costs: Broadcasting expenses decreased by $41 million compared to Q4 2024 and by $78 million for the full year, indicating substantial progress in cost control that enhances overall profitability.
- Net Retransmission Revenue Recovery: Net retransmission revenue returned to growth in Q4 2025, stabilizing at $547 million, reflecting a rebound in market demand and laying a foundation for future revenue stability.
- Strategic Investments and Expansion: Gray Media completed the $25 million acquisition of WBBJ-TV and plans to leverage the political advertising cycle to drive $25 million to $30 million in ad revenue for Q1 2026, showcasing proactive market expansion and capital management strategies.
See More
Gray Media Declares Quarterly Dividend of $0.08 per Share
- Quarterly Dividend Announcement: Gray Media has declared a quarterly dividend of $0.08 per share, consistent with previous distributions, indicating the company's ongoing ability to maintain stable cash flow, which is likely to attract income-seeking investors.
- Dividend Yield: The forward yield of 6.74% reflects the company's attractiveness in the current market environment, potentially increasing investor interest in its stock.
- Payment Schedule: The dividend will be payable on March 31, with a record date of March 13 and an ex-dividend date also on March 13, ensuring shareholders receive timely returns and bolstering shareholder confidence.
- Financial Performance Beats Expectations: Gray Media reported a GAAP EPS of -$0.24, beating expectations by $0.09, and revenue of $792 million, exceeding forecasts by $12 million, demonstrating the company's effectiveness in revenue growth and cost control, which may instill confidence in future investors.
See More
GrayMedia Announces Quarterly Cash Dividend
- Quarterly Cash Dividend: GrayMedia's Board of Directors has authorized a cash dividend of $0.08 per share for both common and Class A common stock, payable on March 31, 2026, reflecting the company's commitment to shareholder returns.
- Record Date for Shareholders: The record date for this dividend is set for March 13, 2026, ensuring that shareholders holding stock by this date will receive the dividend, thereby enhancing investor confidence in their holdings.
- Market Coverage: As the largest owner of local television stations and digital assets in the U.S., GrayMedia serves 114 full-power television markets, reaching approximately 37% of U.S. television households, which provides a strong competitive advantage in the market.
- Diverse Media Assets: The company owns 47 Telemundo affiliate markets and various video production companies, showcasing its comprehensive presence in digital marketing and media production, which further enhances its market position and growth potential.
See More
Gray Mediapress Q4 2025 Earnings Beat Expectations
- Earnings Highlights: Gray Mediapress reported a Q4 2025 GAAP EPS of -$0.24, beating expectations by $0.09, despite a 24.6% year-over-year revenue decline to $792 million, which still exceeded market expectations by $12 million, showcasing the company's resilience in adversity.
- Core Advertising Revenue Growth: The core advertising revenue reached $392 million in Q4, a 3% increase year-over-year, surpassing the previously issued high-side guidance of $390 million, indicating enhanced competitiveness in the advertising market, especially amid economic slowdowns.
- Retransmission Revenue Performance: Retransmission consent revenue was $335 million, exceeding the prior high-side guidance of $330 million, with net retransmission revenue increasing 3% to $134 million year-over-year, reflecting the company's ongoing strength in content distribution.
- Political Advertising Revenue: Political advertising revenue reached $12 million, exceeding the expected $8 million despite being an off-year for elections, indicating the company's potential in the political advertising sector, which is expected to support future revenue growth.
See More
Gray Media Scheduled to Announce Q4 Earnings
- Earnings Announcement Date: Gray Media is set to release its Q4 earnings on February 26 before market open, with a consensus EPS estimate of -$0.11, reflecting a staggering 106.9% year-over-year decline, which could negatively impact investor sentiment.
- Revenue Decline Expectations: The consensus revenue estimate stands at $780 million, representing a 22% year-over-year drop, indicating significant challenges in advertising revenue that may affect future liquidity and investment decisions.
- Historical Performance Review: Over the past year, Gray Media has beaten EPS estimates 50% of the time and revenue estimates 100% of the time, although recent downward revisions in both EPS and revenue forecasts suggest growing concerns about the company's future performance.
- Estimate Revision Status: In the last three months, there have been no upward revisions for EPS estimates, with one downward revision, and similarly, revenue estimates have seen no upward adjustments but two downward revisions, reflecting analysts' cautious outlook on the company's prospects.
See More
Portland Fire Partners with Gray Media for Women's Sports Broadcast
- Media Partnership: The Portland Fire has established a multi-year media partnership with Gray Media, making FOX 12 Plus the exclusive local broadcast home for both the Fire and the Thorns, marking a significant advancement for women's sports in the region.
- Direct-to-Consumer Streaming: The Fire will launch a new streaming platform in partnership with Kiswe, offering live games, original programming, and in-depth storytelling, aimed at enhancing fan engagement and brand loyalty.
- Community Engagement: This partnership not only provides free over-the-air broadcasts but also focuses on building a community-centric platform through interactive livestreaming and exclusive content, reflecting Portland's passion and ensuring every Fire fan can be part of the action.
- Dual-Purpose Center: The Fire and Thorns will share a 100,000 square-foot dual-purpose performance center set to open in 2026, designed to enhance athlete development and performance, further solidifying Portland's status as a hub for women's sports.
See More
Gray Media, Inc. Q4 2025 Earnings Call Highlights
- Revenue and Expense Beat: Gray Media reported total revenue of $792 million and operating expenses of $618 million for Q4 2025, both exceeding prior guidance, demonstrating effective financial management and potential for future growth.
- Significant Decline in Broadcasting Costs: Broadcasting expenses decreased by $41 million compared to Q4 2024 and by $78 million for the full year, indicating substantial progress in cost control that enhances overall profitability.
- Net Retransmission Revenue Recovery: Net retransmission revenue returned to growth in Q4 2025, stabilizing at $547 million, reflecting a rebound in market demand and laying a foundation for future revenue stability.
- Strategic Investments and Expansion: Gray Media completed the $25 million acquisition of WBBJ-TV and plans to leverage the political advertising cycle to drive $25 million to $30 million in ad revenue for Q1 2026, showcasing proactive market expansion and capital management strategies.
See More
Gray Media Declares Quarterly Dividend of $0.08 per Share
- Quarterly Dividend Announcement: Gray Media has declared a quarterly dividend of $0.08 per share, consistent with previous distributions, indicating the company's ongoing ability to maintain stable cash flow, which is likely to attract income-seeking investors.
- Dividend Yield: The forward yield of 6.74% reflects the company's attractiveness in the current market environment, potentially increasing investor interest in its stock.
- Payment Schedule: The dividend will be payable on March 31, with a record date of March 13 and an ex-dividend date also on March 13, ensuring shareholders receive timely returns and bolstering shareholder confidence.
- Financial Performance Beats Expectations: Gray Media reported a GAAP EPS of -$0.24, beating expectations by $0.09, and revenue of $792 million, exceeding forecasts by $12 million, demonstrating the company's effectiveness in revenue growth and cost control, which may instill confidence in future investors.
See More
GrayMedia Announces Quarterly Cash Dividend
- Quarterly Cash Dividend: GrayMedia's Board of Directors has authorized a cash dividend of $0.08 per share for both common and Class A common stock, payable on March 31, 2026, reflecting the company's commitment to shareholder returns.
- Record Date for Shareholders: The record date for this dividend is set for March 13, 2026, ensuring that shareholders holding stock by this date will receive the dividend, thereby enhancing investor confidence in their holdings.
- Market Coverage: As the largest owner of local television stations and digital assets in the U.S., GrayMedia serves 114 full-power television markets, reaching approximately 37% of U.S. television households, which provides a strong competitive advantage in the market.
- Diverse Media Assets: The company owns 47 Telemundo affiliate markets and various video production companies, showcasing its comprehensive presence in digital marketing and media production, which further enhances its market position and growth potential.
See More
Gray Mediapress Q4 2025 Earnings Beat Expectations
- Earnings Highlights: Gray Mediapress reported a Q4 2025 GAAP EPS of -$0.24, beating expectations by $0.09, despite a 24.6% year-over-year revenue decline to $792 million, which still exceeded market expectations by $12 million, showcasing the company's resilience in adversity.
- Core Advertising Revenue Growth: The core advertising revenue reached $392 million in Q4, a 3% increase year-over-year, surpassing the previously issued high-side guidance of $390 million, indicating enhanced competitiveness in the advertising market, especially amid economic slowdowns.
- Retransmission Revenue Performance: Retransmission consent revenue was $335 million, exceeding the prior high-side guidance of $330 million, with net retransmission revenue increasing 3% to $134 million year-over-year, reflecting the company's ongoing strength in content distribution.
- Political Advertising Revenue: Political advertising revenue reached $12 million, exceeding the expected $8 million despite being an off-year for elections, indicating the company's potential in the political advertising sector, which is expected to support future revenue growth.
See More
Gray Media Scheduled to Announce Q4 Earnings
- Earnings Announcement Date: Gray Media is set to release its Q4 earnings on February 26 before market open, with a consensus EPS estimate of -$0.11, reflecting a staggering 106.9% year-over-year decline, which could negatively impact investor sentiment.
- Revenue Decline Expectations: The consensus revenue estimate stands at $780 million, representing a 22% year-over-year drop, indicating significant challenges in advertising revenue that may affect future liquidity and investment decisions.
- Historical Performance Review: Over the past year, Gray Media has beaten EPS estimates 50% of the time and revenue estimates 100% of the time, although recent downward revisions in both EPS and revenue forecasts suggest growing concerns about the company's future performance.
- Estimate Revision Status: In the last three months, there have been no upward revisions for EPS estimates, with one downward revision, and similarly, revenue estimates have seen no upward adjustments but two downward revisions, reflecting analysts' cautious outlook on the company's prospects.
See More
Portland Fire Partners with Gray Media for Women's Sports Broadcast
- Media Partnership: The Portland Fire has established a multi-year media partnership with Gray Media, making FOX 12 Plus the exclusive local broadcast home for both the Fire and the Thorns, marking a significant advancement for women's sports in the region.
- Direct-to-Consumer Streaming: The Fire will launch a new streaming platform in partnership with Kiswe, offering live games, original programming, and in-depth storytelling, aimed at enhancing fan engagement and brand loyalty.
- Community Engagement: This partnership not only provides free over-the-air broadcasts but also focuses on building a community-centric platform through interactive livestreaming and exclusive content, reflecting Portland's passion and ensuring every Fire fan can be part of the action.
- Dual-Purpose Center: The Fire and Thorns will share a 100,000 square-foot dual-purpose performance center set to open in 2026, designed to enhance athlete development and performance, further solidifying Portland's status as a hub for women's sports.
See More
